3. CHAPTER 32 = Assume the Total Benefit and Total Cost for your product are represented by the functions below. TB = 170A - A2 TC = 100 - 10A + 2A2 In Excel, produce a chart that shows both functions with 50 data points (i.e. A=1...50). You decide what is A in your case (i.e. number of workers, hours of labor, etc. This is important because is going to determine your costs and profit). Estimate Marginal Benefit by taking the first derivative of Total Benefit (TB) Estimate Marginal Cost by taking the first derivative of Total Cost (TC). Show the Total Benefit and Total Cost functions in a single chart. Interpret. What is your objective? Show the Marginal Benefit and Marginal Cost functions in a single chart. Interpret. What is your objective? How do you relate this with the TB/TC chart? What is the OPTIMAL LEVEL OF ACTIVITY? Show it in both TB/TC and MB/MC charts. Explain your results, directly relating them to your specific business plan and product. Assume you are producing at HALF THE OPTIMAL LEVEL OF ACTIVITY. What would MB and MC be? (Estimate). Should we increase/decrease production? Why? Be specific regarding the uniqueness of your product. Assume you are producing at TWICE THE OPTIMAL LEVEL OF ACTIVITY. What would MB and MC would be? (Estimate). What should you do, produce more or less? Why? Be specific regarding the uniqueness of your product